James Williams, a real estate investor, is offering a Desert Hot Springs California home for sale with zero down payment in an effort to give back to the community where he conducts business.
"We are looking to help a young family become Desert Hot Springs real estate owners by offering a home with zero down payment. If we help them it helps the overall community," states James Williams.
James Williams is a real estate investor and also President of Precision One Mortgage Corporation, a nationwide mortgage company based in Southern California.
"In many cases a down payment is the only obstacle that stands in the way of young family becoming home owners. They have the ability to make a monthly mortgage payment, but have never managed to save for the initial down payment. By offering this home with zero down payment w are removing that obstacle."
Williams acquired the Desert Hot Springs real estate in a run down condition, but it has been completely refurbished.
"The 1300 square foot home has 3 bedrooms and 2 bathrooms, with new wiring, plumbing, central air, dishwasher and stove. This is a great starter home."
"By offering this Desert Hot Springs real estate with a zero down payment, we accomplish two things. Firstly we help a young family become real estate home owners, and secondly we avoid any expenses that we may incur if the property is unoccupied for any length of time."
"We are always asked "what's the catch?" after being told that zero down payment is required. There isn't one! Our company philosophy it that by helping a young family we are giving back to their community."
"Unlike other real estate investors that want top dollar for their properties, we are more concerned with making less money and helping families with a zero down payment to become Desert Hot Springs real estate owners," concludes Williams..
About The Author: James Williams is a real estate investor and also President of Precision One Mortgage Corporation, a nationwide mortgage company based in Southern California. http://www.goldmedalmortgage.com/Desert_Hot_Springs_Real_Estate_No_Money_Down
Monday, January 22, 2007
Friday, January 19, 2007
Making Money In Real Estate Investing: How To Calculate Profit
There are many things that can affect your profit margin when investing in real estate. Being knowledgeable about all aspects of making money in real estate and learning to recognize all of the costs that you could incur with any given real estate investment will help you to choose good investment properties and avoid those that are more trouble than they are worth.
By now you probably already know how to calculate how much gross profit a property can potentially earn. To do this all you have to do is take the market value of the home and subtract your purchase price to see how much profit the property could potentially make you. But this is only a skeleton glimpse into the potential of the property, making money in real estate requires that you know every hidden cost, no matter how small, that could reduce your profit margin.
Some of the most obvious costs to flipping a property and making money in real estate include any repairs and remodeling that need done to the house before you can resell it. Make sure that you account for every repair. Get estimates and price supplies. Don't guess. Attention to detail will make it more likely that you will be to stay on budget during the construction phase of your project. Oh, and don't forget about building permit fees.
You will also need to account for any liens that you will inherit with the property. Liens can include arrearages in property taxes or any other bill that has been attached to the property for collection purposes. Being able to find these hidden costs is key to making money in real estate.
Carrying costs will also need to be subtracted from the gross profit potential of the investment. These include any taxes, loan payments, interest payments, and insurance costs that you will have to pay while you own the property. These costs will continue to mount as long as you hold the property. That is why it is very important to move a property quickly when making money in real estate.
You will also need to take into account inspection fees, brokerage commissions, legal fees, and advertising costs that you will have to cover when it comes time to sell the property. Include everything that you can think of. This will help you avoid any hidden costs and give you a clearer picture of what you stand to earn on each and every property investment that you make.
About The Author: Chris Thomas is a real estate investor and author of the best selling ebook "Dominate Preforeclosures," which teaches you how to acquire property in pre-foreclosure with a successful, proven way to approach homeowners and get the deal. Visit http://www.dominatepreforeclosures.com for more.
By now you probably already know how to calculate how much gross profit a property can potentially earn. To do this all you have to do is take the market value of the home and subtract your purchase price to see how much profit the property could potentially make you. But this is only a skeleton glimpse into the potential of the property, making money in real estate requires that you know every hidden cost, no matter how small, that could reduce your profit margin.
Some of the most obvious costs to flipping a property and making money in real estate include any repairs and remodeling that need done to the house before you can resell it. Make sure that you account for every repair. Get estimates and price supplies. Don't guess. Attention to detail will make it more likely that you will be to stay on budget during the construction phase of your project. Oh, and don't forget about building permit fees.
You will also need to account for any liens that you will inherit with the property. Liens can include arrearages in property taxes or any other bill that has been attached to the property for collection purposes. Being able to find these hidden costs is key to making money in real estate.
Carrying costs will also need to be subtracted from the gross profit potential of the investment. These include any taxes, loan payments, interest payments, and insurance costs that you will have to pay while you own the property. These costs will continue to mount as long as you hold the property. That is why it is very important to move a property quickly when making money in real estate.
You will also need to take into account inspection fees, brokerage commissions, legal fees, and advertising costs that you will have to cover when it comes time to sell the property. Include everything that you can think of. This will help you avoid any hidden costs and give you a clearer picture of what you stand to earn on each and every property investment that you make.
About The Author: Chris Thomas is a real estate investor and author of the best selling ebook "Dominate Preforeclosures," which teaches you how to acquire property in pre-foreclosure with a successful, proven way to approach homeowners and get the deal. Visit http://www.dominatepreforeclosures.com for more.
Wednesday, January 17, 2007
5 Secrets To Finding The Best Realtor When Buying A Home
When buying a home here are 5 things you should do to get prepared, and find the best Realtor to help you find that dream home:
Decide on your needs
Write down a list of what your needs are for your next home search. Be sure to differentiate between your wants and needs. For example; Do you really need that 3 car garage, or is it just a want? It could mean the difference between finding 50 homes with a 2-car garage that meet your needs, and only 5 with a 3-car garage. (It may be different where you are, but in the Denver real estate market, you'll likely cut your options by 90% to 95% by requiring a 3 car garage vs. a 2-car garage unless your budget is over about $500,000.)
Establish a "top 10" list of your wants.
Be sure that number one on that list is what city (or cities) you need to live in. This will be paramount in how you go about finding the best Realtor to help you. If two of you are going to buy the home, each of you should write a "top 10" separately. After you're both done, compare notes, and agree that any criteria that match are "must-haves". Everything else can be negotiated. My wife and I did this two years before our last move, and it settled a lot of would-be arguments about what home was right for us. When we eventually found our dream-home, every single one of those criteria was met! Sit down right now, and write your list, and keep it for future reference.
Find a Realtor who will best serve you, and don't settle for anything less.
Start with how you find your Realtor. If you are "internet friendly", and do a lot via email and the web, the last place you should look for a Realtor is in the phone book, or classified ad section of the newspaper. The agents you will find there most likely center their business around the phone, and you'll find that many of them might not even check email except every few days. On the other hand, if you don't regularly check email, and aren't comfortable "surfing the web", you'll likely want to start your search in the phone book or newspaper. The last thing you need is to start working with a Realtor who is excellent at email correspondence, but slow to return phone calls. Either way, once you identify a few buyer-specialists that look like they might be able to help you, contact several of them (via your preferred method of contact), and ask them what homes they can send you that meet your specific needs. Give them a list of what you're looking for, and see what they can find for you.
At this stage, you should be contacting 3 to 5 Realtors. Contact less, and you might not have enough "candidates" to make an informed decision. Contact more, and you will get overloaded with agents constantly checking in with you in order to get your business. (This is the largest problem buyers have when calling a dozen or two listing agents (one at a time) to get details on homes that interest them.)
Narrow the list
Now that you've got 3 to 5 Realtors vying for your business, judge them based on their performance. If any of them tried to talk you into their own listings, or strayed from the list of needs and wants you gave them, drop them. They've already demonstrated that they aren't going to listen to your needs. How they get back to you is also important. If you are a "phone person" who only checks email every few days, why not deal with a Realtor who is willing to call you whenever they find a home that meets your needs. If you like to look on the web, make sure your Realtor is willing to email you every day (and make sure that they're ONLY emailing you properties that meet your specific needs.) This step usually narrows your list to one or two agents, and the choice will likely be an easy one after an initial meeting with them. Once you have met with them, have a discussion about "exclusive agency". When you have that discussion, be sure they have a "cancel anytime" policy. If they aren't 100% satisfied that you will be happy with their performance, why should you be?
If you're not moving for several months (or even a year), it's that much more important that you get in touch with 3 to 5 Buyer Agents. If they're not willing to invest their time in educating you on the market, they're not serious about their business. Odds are that if you start with half a dozen Realtors in January, only 1 or 2 will still be in touch come June or July. Those agents are the ones you want working on your side. The rest will simply weed themselves out for you.
Get out and start looking!
Once you've identified a handful of homes that interest you, contact the agent you've decided to work with and start looking! No amount of pictures and virtual tours can substitute for getting out with your agent and actually looking, touching, and feeling the homes you might one day be moving into. By giving your agent the assurance that you're ONLY working with them, they'll clear their calendar for you whenever you want to look at homes, and since you've got a "cancel anytime" agreement with your agent, you can get rid of them if it turns out they're not as great an agent as you initially thought they were.
About The Author: Joel McDonald is the owner of Benchmark Realty - a Boulder Colorado real estate company. To find out more about Benchmark Realty, visit http://www.BenchmarkRealtyLLC.com
Decide on your needs
Write down a list of what your needs are for your next home search. Be sure to differentiate between your wants and needs. For example; Do you really need that 3 car garage, or is it just a want? It could mean the difference between finding 50 homes with a 2-car garage that meet your needs, and only 5 with a 3-car garage. (It may be different where you are, but in the Denver real estate market, you'll likely cut your options by 90% to 95% by requiring a 3 car garage vs. a 2-car garage unless your budget is over about $500,000.)
Establish a "top 10" list of your wants.
Be sure that number one on that list is what city (or cities) you need to live in. This will be paramount in how you go about finding the best Realtor to help you. If two of you are going to buy the home, each of you should write a "top 10" separately. After you're both done, compare notes, and agree that any criteria that match are "must-haves". Everything else can be negotiated. My wife and I did this two years before our last move, and it settled a lot of would-be arguments about what home was right for us. When we eventually found our dream-home, every single one of those criteria was met! Sit down right now, and write your list, and keep it for future reference.
Find a Realtor who will best serve you, and don't settle for anything less.
Start with how you find your Realtor. If you are "internet friendly", and do a lot via email and the web, the last place you should look for a Realtor is in the phone book, or classified ad section of the newspaper. The agents you will find there most likely center their business around the phone, and you'll find that many of them might not even check email except every few days. On the other hand, if you don't regularly check email, and aren't comfortable "surfing the web", you'll likely want to start your search in the phone book or newspaper. The last thing you need is to start working with a Realtor who is excellent at email correspondence, but slow to return phone calls. Either way, once you identify a few buyer-specialists that look like they might be able to help you, contact several of them (via your preferred method of contact), and ask them what homes they can send you that meet your specific needs. Give them a list of what you're looking for, and see what they can find for you.
At this stage, you should be contacting 3 to 5 Realtors. Contact less, and you might not have enough "candidates" to make an informed decision. Contact more, and you will get overloaded with agents constantly checking in with you in order to get your business. (This is the largest problem buyers have when calling a dozen or two listing agents (one at a time) to get details on homes that interest them.)
Narrow the list
Now that you've got 3 to 5 Realtors vying for your business, judge them based on their performance. If any of them tried to talk you into their own listings, or strayed from the list of needs and wants you gave them, drop them. They've already demonstrated that they aren't going to listen to your needs. How they get back to you is also important. If you are a "phone person" who only checks email every few days, why not deal with a Realtor who is willing to call you whenever they find a home that meets your needs. If you like to look on the web, make sure your Realtor is willing to email you every day (and make sure that they're ONLY emailing you properties that meet your specific needs.) This step usually narrows your list to one or two agents, and the choice will likely be an easy one after an initial meeting with them. Once you have met with them, have a discussion about "exclusive agency". When you have that discussion, be sure they have a "cancel anytime" policy. If they aren't 100% satisfied that you will be happy with their performance, why should you be?
If you're not moving for several months (or even a year), it's that much more important that you get in touch with 3 to 5 Buyer Agents. If they're not willing to invest their time in educating you on the market, they're not serious about their business. Odds are that if you start with half a dozen Realtors in January, only 1 or 2 will still be in touch come June or July. Those agents are the ones you want working on your side. The rest will simply weed themselves out for you.
Get out and start looking!
Once you've identified a handful of homes that interest you, contact the agent you've decided to work with and start looking! No amount of pictures and virtual tours can substitute for getting out with your agent and actually looking, touching, and feeling the homes you might one day be moving into. By giving your agent the assurance that you're ONLY working with them, they'll clear their calendar for you whenever you want to look at homes, and since you've got a "cancel anytime" agreement with your agent, you can get rid of them if it turns out they're not as great an agent as you initially thought they were.
About The Author: Joel McDonald is the owner of Benchmark Realty - a Boulder Colorado real estate company. To find out more about Benchmark Realty, visit http://www.BenchmarkRealtyLLC.com
Home Buying Preference Of Echo Boomers/Generation Y
Home buying preferences of large demographic groups have a lasting influence on the housing market. The impact of Generation Y or echo boomers - the people born in the United Stats between 1981 and 1999, on the housing market is undeniable. With the echo boomers now coming of age and buying homes, their home buying preferences have assumed greater importance. This article is a brief summary of the home buying preferences of people born between 1981 and 1999.
According to industry experts in the recently held Urban Land Institute (ULI) annual fall meeting in Denver, Gen-Y homebuyers do not prefer a home in the suburbs like their baby boomer parents did. Echo boomers do not want to limit themselves to major metros. Instead, Gen Y buyers are more likely to be drawn to urban infill locations. Moreover, Gen Y homebuyers want to live in culturally and ethnically diverse neighborhoods.
According to Gadi Kaufmann, Managing Director and CEO of Robert Charles Lesser & Co., a Maryland firm that focuses on real estate trends, echo boomers increasingly gravitate to more affordable second tier and third tier cities if they are well-provided with enough entertainment and recreational amenities.
The coming decades are likely to witness more high-rise housing in an increasing number of small cities to accommodate the housing needs of the echo boomers. People born between 1981 and 1999 are more likely to be attracted toward home designs that emphasize bright, open spaces, with plenty of windows and those that offer flexible use of rooms and spaces.
Wireless Internet access is indispensable for this "most connected generation". Since the echo boomers are an environmentally conscious lot, this generation prefers homes that have incorporated green building features. This could have a positive influence on the green home market and is indicative of future trends that have considerable growth potential for green housing.
Unlike baby boomers who were home owners at a much earlier age, home ownership could be possibly delayed among people born between 1981 and 1999, just as they are putting off until a later age other commitments such as marriage and childbirth.
About The Author: http://www.sandiegocondos.name http://www.scrippsranchrealestate.info http://www.tierrasantahome.com
According to industry experts in the recently held Urban Land Institute (ULI) annual fall meeting in Denver, Gen-Y homebuyers do not prefer a home in the suburbs like their baby boomer parents did. Echo boomers do not want to limit themselves to major metros. Instead, Gen Y buyers are more likely to be drawn to urban infill locations. Moreover, Gen Y homebuyers want to live in culturally and ethnically diverse neighborhoods.
According to Gadi Kaufmann, Managing Director and CEO of Robert Charles Lesser & Co., a Maryland firm that focuses on real estate trends, echo boomers increasingly gravitate to more affordable second tier and third tier cities if they are well-provided with enough entertainment and recreational amenities.
The coming decades are likely to witness more high-rise housing in an increasing number of small cities to accommodate the housing needs of the echo boomers. People born between 1981 and 1999 are more likely to be attracted toward home designs that emphasize bright, open spaces, with plenty of windows and those that offer flexible use of rooms and spaces.
Wireless Internet access is indispensable for this "most connected generation". Since the echo boomers are an environmentally conscious lot, this generation prefers homes that have incorporated green building features. This could have a positive influence on the green home market and is indicative of future trends that have considerable growth potential for green housing.
Unlike baby boomers who were home owners at a much earlier age, home ownership could be possibly delayed among people born between 1981 and 1999, just as they are putting off until a later age other commitments such as marriage and childbirth.
About The Author: http://www.sandiegocondos.name http://www.scrippsranchrealestate.info http://www.tierrasantahome.com
Wednesday, January 03, 2007
Buying Your First Home: The Time Is Right
If you are currently renting but considering shopping around for your first home, the time is right. The past year in real estate has led to many homes lingering on the market and a stabilization of home prices. To top it all off, interest rates on mortgages are still at all time lows. With this wonderful selection of more affordable homes to choose from, it's not only a buyer's market, but a first time homebuyer's dream market too.
When thinking of purchasing a first home, there are many things to take into consideration. To keep your costs down, you may consider looking at fixer-uppers. Are you reasonably handy? Can you make some attractive but low cost improvements on a home that needs a little work? Maybe it's as simple as patching a few walls, and some fresh paint and carpet. Maybe it's a new countertop to spruce up that tired looking kitchen. Kitchen improvements don't have to cost thousands, so much can be done on a shoestring. There are some great low cost Formica countertops at the home centers that will give your kitchen a whole new look on a small budget. And, old cabinets can come to life with a fresh coat of white paint.
Another option for first time homebuyers to consider is looking at condos and townhomes. This is an excellent way to enter the market. For about the same cost as doling out rent each month, you will have pride of ownership and tax benefits, while building equity at the same time. After a year or two, you may feel you need more space or another bedroom for baby. By this time, your condo or townhouse will most likely have appreciated in cost, making it easy to trade up to a larger home. This is a smart transition and a way to step up slowly.
The market this past year has certainly provided lots of inventory. This means lots of great homes to choose from. With interest rates still so low, the time to consider buying is now. These conditions may not last much longer and we may not see this kind of market again for a long time. Today, first time buyers are looking at some excellent and exciting opportunities in the real estate market.
About The Author: Bob Lipply and his team of full time, full service Tampa Bay Realtors, work hard to find the perfect Trinity Florida home for their customers. View available properties at http://www.trinity-florida-real-estate.com
When thinking of purchasing a first home, there are many things to take into consideration. To keep your costs down, you may consider looking at fixer-uppers. Are you reasonably handy? Can you make some attractive but low cost improvements on a home that needs a little work? Maybe it's as simple as patching a few walls, and some fresh paint and carpet. Maybe it's a new countertop to spruce up that tired looking kitchen. Kitchen improvements don't have to cost thousands, so much can be done on a shoestring. There are some great low cost Formica countertops at the home centers that will give your kitchen a whole new look on a small budget. And, old cabinets can come to life with a fresh coat of white paint.
Another option for first time homebuyers to consider is looking at condos and townhomes. This is an excellent way to enter the market. For about the same cost as doling out rent each month, you will have pride of ownership and tax benefits, while building equity at the same time. After a year or two, you may feel you need more space or another bedroom for baby. By this time, your condo or townhouse will most likely have appreciated in cost, making it easy to trade up to a larger home. This is a smart transition and a way to step up slowly.
The market this past year has certainly provided lots of inventory. This means lots of great homes to choose from. With interest rates still so low, the time to consider buying is now. These conditions may not last much longer and we may not see this kind of market again for a long time. Today, first time buyers are looking at some excellent and exciting opportunities in the real estate market.
About The Author: Bob Lipply and his team of full time, full service Tampa Bay Realtors, work hard to find the perfect Trinity Florida home for their customers. View available properties at http://www.trinity-florida-real-estate.com
Selling Ranch Real Estate
Do you have a piece of ranch real estate that you are interested in selling? If so, you are in luck. Over the past few years this industry has really began to take off. This means that you should not have any problems finding a buyer for your property if you take your time. Just remember that selling your ranch real estate property is not always a quick process. You should get the money that you deserve, or you should not sell at all. With ranch properties being so popular there is a good chance that you can make a pretty penny from your piece of real estate.
The first step to selling your ranch real estate is to get a good idea as to what it is worth. One of the best ways that you can do this is by hiring a real estate agent to work on your behalf. Not only will they be able to asses your property and tell you how much to sell it for, but they can also handle every other detail as well. They will do their best to find a seller, and have many connections in the industry that can help you to get a good selling price. The only thing that you should remember about hiring a real estate agent is that they are going to take a chunk of your money after the sale; this is known as their commission.
Your other option is to sell your ranch real estate on your own. Many ranch owners opt to sell by owner so that they can maintain complete control. When you sell your ranch by owner you will be responsible for setting the sale price as well as showing the property. You will pretty much run the entire show until you find a buyer that suits your needs. The reason that a lot of people do this when it comes to ranch real estate is because there are not a lot of agents in the area. After all, ranches tend to be a bit out of reach, in areas that agents usually do not work. Of course this is not always the case, but many times it holds true.
Selling ranch real estate is just like selling any home. You need to set a firm selling price, and then make sure that you get as much money as you can. If you are not in a hurry to sell your property you should most definitely hold out for the best price possible. In an industry that is becoming more popular you should be able to get close to your asking price.
Selling ranch real estate is not as hard as you may think. There are thousands of potential buyers out there; all you need to do is make them aware of what you have to offer. From there you should not have any problems making a sale.
About The Author: Robert Flournoy writes about ranch real estate properties for http://www.ranch-estates.com/ . For more information on ranch properties visit http://www.ranch-estates.com/ .
The first step to selling your ranch real estate is to get a good idea as to what it is worth. One of the best ways that you can do this is by hiring a real estate agent to work on your behalf. Not only will they be able to asses your property and tell you how much to sell it for, but they can also handle every other detail as well. They will do their best to find a seller, and have many connections in the industry that can help you to get a good selling price. The only thing that you should remember about hiring a real estate agent is that they are going to take a chunk of your money after the sale; this is known as their commission.
Your other option is to sell your ranch real estate on your own. Many ranch owners opt to sell by owner so that they can maintain complete control. When you sell your ranch by owner you will be responsible for setting the sale price as well as showing the property. You will pretty much run the entire show until you find a buyer that suits your needs. The reason that a lot of people do this when it comes to ranch real estate is because there are not a lot of agents in the area. After all, ranches tend to be a bit out of reach, in areas that agents usually do not work. Of course this is not always the case, but many times it holds true.
Selling ranch real estate is just like selling any home. You need to set a firm selling price, and then make sure that you get as much money as you can. If you are not in a hurry to sell your property you should most definitely hold out for the best price possible. In an industry that is becoming more popular you should be able to get close to your asking price.
Selling ranch real estate is not as hard as you may think. There are thousands of potential buyers out there; all you need to do is make them aware of what you have to offer. From there you should not have any problems making a sale.
About The Author: Robert Flournoy writes about ranch real estate properties for http://www.ranch-estates.com/ . For more information on ranch properties visit http://www.ranch-estates.com/ .
Tuesday, February 21, 2006
Are You Really Ready to Buy a Home? by Bob Gatchel
To most people, the home buying process can seem like a complicated and confusing process Even though it seems like a daunting task can be made much easier if you take things step-by-step, you will soon be holding the keys to your own home! But before going into the process of buying that home, you really need to honestly ask yourself if you are honestly ready to buy a home in the first place! Think about this.
Do you enjoy or even prefer moving into different places or areas of the country? Do you prefer to use your money for things like vacations, appliances, retirement or having your own business? Do you dislike doing typical household maintenance, repair and handyman work around the home?
If you answered yes to these questions, you may not be ready to delve into the home buying experience. You may think you have a lot of good reasons for buying a home. but it's very important that you should also consider your reasons for not wanting to become a homeowner!
Remember that buying a home isn't just the biggest financial decision you'll probably ever make but it can also be the most nerve wracking emotional choice in your life! So be prepared to make wise decisions and be willing to logically and unemotionally think out the entire process before you buy. Basically, look before you leap!
In today's hot real estate market, buying a home always seems to be a great idea, but it's important to completely understand that homeownership also comes with a great deal of responsibility too! Of course, being a homeowner is something to be proud of, but it also means having to invest heart earned money, time, energy and financial resources. So you have to really be sure this is right for you.
Typically the first thing that comes to mind when we dream of homeownership, are the wonderful things that are connected to it, which are great reasons for buying a home. Here are some of the tremendous advantages for buying a home:
Yes, it's really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Stress
Probably the most common feeling in the home buying process. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances. So it's very important that you carefully manage your budget and finances to make sure that you can meet all of your obligations. Many new homeowners get a shock in their first year of owning a home. Proper planning and preparation can help you avoid this.
Maintenance Costs
Unlike renting where a landlord may take care of the maintenance, when you're a homeowner you are solely responsible for keeping your home in good working order. Keeping a home operational and looking good requires time and money. Once again, it's important that new homeowners carefully monitor their finances and also carefully keep an eye on small maintenance issues and work on them before they become huge repairs.
Higher Monthly Payments:
It's entirely possible that you will pay more each month for your home payment that you ever did as a renter. You not only have to pay the mortgage, you pay taxes, you pay utilities, you pay expenses, you pay for maintenance, everything. And when you add that up it can be shocking at how much that can be. Yes, in today's tax code there are benefits that come from homeownership that can defer some of that expense, but you still have to pay it first!
Still think you want to buy a home? GOOD! If you feel that now is the time and homeownership is right for you, you need to make sure that you are truly financially ready to do so.
To avoid any future surprises, you can do some financial planning to see where you stand, including: calculating your net worth, determining your current monthly expenses and your current monthly debt payments.
Gathering this detailed information and knowing things like your net worth is important because you'll need this information when you discuss financing with your mortgage lender. Going through this exercise will give you a snapshot of where you stand financially and show you how much you can afford to invest as your down payment on the home purchase. You do not want to rush this process since finding the best type of financing for your particular situation will determine how much you will be paying every month.
Also be sure to work with a trustworthy and professional real estate professional. In today's market there are real estate agents and Realtors that work specifically in representing buyers. These professionals will help you in everything from finding the right home for you, to helping you understand the contracts and paperwork, to negotiating the deal for you, and representing your interests in the buying process. They can even help direct you to good financing sources and be a "one stop shop" to help you in every step of the way to find your home and get you in it with the least amount of stress.
After you've found your dream home, and contracts have been accepted and your financing is in place you're ready for closing day when you finally settle the transaction and become the proud, legal owner of a home that you can call your own.
Although this is a GREAT day, it's also very confusing and full of papers flying around and being signed. Your closing attorney or title company will handle all of the details of the closing including making sure the money is in place from your mortgage company, make sure that tax bills are paid, any outstanding debts resolved, takes care of the seller's paperwork. Bottom line, they make sure that all the T's are crossed and I's are dotted so that when you leave you'll have a deed which calls YOU the owner of that property!
When all the dust settles, you'll be handed the keys and you'll be able to walk into a home that you can call your own! Enjoy the moment and congratulations on becoming a homeowner!
About the Author
Bob Gatchel is a noted real estate investment consultant and Realtor in the Delaware / Maryland regional area. He provides a wide range of programs to help home sellers, home buyers & real estate investors. To learn more about his services & free reports plus learn about his exclusive 10 Step VIP Home Seller Program, visit http://www.BobGatchel.com. This article can be freely reproduced if this resource box & active link to authors's site are intact.
Do you enjoy or even prefer moving into different places or areas of the country? Do you prefer to use your money for things like vacations, appliances, retirement or having your own business? Do you dislike doing typical household maintenance, repair and handyman work around the home?
If you answered yes to these questions, you may not be ready to delve into the home buying experience. You may think you have a lot of good reasons for buying a home. but it's very important that you should also consider your reasons for not wanting to become a homeowner!
Remember that buying a home isn't just the biggest financial decision you'll probably ever make but it can also be the most nerve wracking emotional choice in your life! So be prepared to make wise decisions and be willing to logically and unemotionally think out the entire process before you buy. Basically, look before you leap!
In today's hot real estate market, buying a home always seems to be a great idea, but it's important to completely understand that homeownership also comes with a great deal of responsibility too! Of course, being a homeowner is something to be proud of, but it also means having to invest heart earned money, time, energy and financial resources. So you have to really be sure this is right for you.
Typically the first thing that comes to mind when we dream of homeownership, are the wonderful things that are connected to it, which are great reasons for buying a home. Here are some of the tremendous advantages for buying a home:
Yes, it's really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Stress
Probably the most common feeling in the home buying process. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances. So it's very important that you carefully manage your budget and finances to make sure that you can meet all of your obligations. Many new homeowners get a shock in their first year of owning a home. Proper planning and preparation can help you avoid this.
Maintenance Costs
Unlike renting where a landlord may take care of the maintenance, when you're a homeowner you are solely responsible for keeping your home in good working order. Keeping a home operational and looking good requires time and money. Once again, it's important that new homeowners carefully monitor their finances and also carefully keep an eye on small maintenance issues and work on them before they become huge repairs.
Higher Monthly Payments:
It's entirely possible that you will pay more each month for your home payment that you ever did as a renter. You not only have to pay the mortgage, you pay taxes, you pay utilities, you pay expenses, you pay for maintenance, everything. And when you add that up it can be shocking at how much that can be. Yes, in today's tax code there are benefits that come from homeownership that can defer some of that expense, but you still have to pay it first!
Still think you want to buy a home? GOOD! If you feel that now is the time and homeownership is right for you, you need to make sure that you are truly financially ready to do so.
To avoid any future surprises, you can do some financial planning to see where you stand, including: calculating your net worth, determining your current monthly expenses and your current monthly debt payments.
Gathering this detailed information and knowing things like your net worth is important because you'll need this information when you discuss financing with your mortgage lender. Going through this exercise will give you a snapshot of where you stand financially and show you how much you can afford to invest as your down payment on the home purchase. You do not want to rush this process since finding the best type of financing for your particular situation will determine how much you will be paying every month.
Also be sure to work with a trustworthy and professional real estate professional. In today's market there are real estate agents and Realtors that work specifically in representing buyers. These professionals will help you in everything from finding the right home for you, to helping you understand the contracts and paperwork, to negotiating the deal for you, and representing your interests in the buying process. They can even help direct you to good financing sources and be a "one stop shop" to help you in every step of the way to find your home and get you in it with the least amount of stress.
After you've found your dream home, and contracts have been accepted and your financing is in place you're ready for closing day when you finally settle the transaction and become the proud, legal owner of a home that you can call your own.
Although this is a GREAT day, it's also very confusing and full of papers flying around and being signed. Your closing attorney or title company will handle all of the details of the closing including making sure the money is in place from your mortgage company, make sure that tax bills are paid, any outstanding debts resolved, takes care of the seller's paperwork. Bottom line, they make sure that all the T's are crossed and I's are dotted so that when you leave you'll have a deed which calls YOU the owner of that property!
When all the dust settles, you'll be handed the keys and you'll be able to walk into a home that you can call your own! Enjoy the moment and congratulations on becoming a homeowner!
About the Author
Bob Gatchel is a noted real estate investment consultant and Realtor in the Delaware / Maryland regional area. He provides a wide range of programs to help home sellers, home buyers & real estate investors. To learn more about his services & free reports plus learn about his exclusive 10 Step VIP Home Seller Program, visit http://www.BobGatchel.com. This article can be freely reproduced if this resource box & active link to authors's site are intact.
Take Out a Home Loan and Get Rid of Your Rented House by Vipul Jain
Housing is one of the basic human needs. Everyone needs a house to get protection from the nature and the outside world. You can either live in a rented house or your own house. There are far too many problems in a rented house. There always arise conflicts between landlords and tenants. Your landlord may ask you to pack your bags and leave the house. You will have to search for a new rented house in such a situation. The monthly rentals that you pay go down the drain because you do not own the house even after living in it for a very long time.
You can get rid of all these problems if you buy your own house. It has been estimated that 70% of Britons own their own house. According to a survey, more than half of young Britons wish to own a house when they are 25 to 30 years old. Buying a house requires a huge cash outflow. You cannot pay a lump sum amount to buy a house unless you work for a number of years and save for it. A better option is to take out a home loan.
There are many lenders who grant 100% the house price so that you do not have to pay anything from your pocket. You will be required to repay the loan in the form of affordable monthly installments. The loan repayment is spread over a long period so that the amount of monthly installments becomes small. A home loan is secured against the house that you are buying. If you fail to repay the loan, the lender will have the option to repossess the house. The amount of money that you will have repaid will be forfeited by the lender.
A second home can also be bought using a home loan. You can take out a second home loan against the second home or your primary residence. Buying a house on a home loan is a good investment opportunity. The appreciation in the value of your house is much more than the interest that you pay on a home loan.
For more information please visit:http://www.adverse-credit-home-loans.co.uk
About the Author
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting adverse-credit-home-loans as a finance specialist.
You can get rid of all these problems if you buy your own house. It has been estimated that 70% of Britons own their own house. According to a survey, more than half of young Britons wish to own a house when they are 25 to 30 years old. Buying a house requires a huge cash outflow. You cannot pay a lump sum amount to buy a house unless you work for a number of years and save for it. A better option is to take out a home loan.
There are many lenders who grant 100% the house price so that you do not have to pay anything from your pocket. You will be required to repay the loan in the form of affordable monthly installments. The loan repayment is spread over a long period so that the amount of monthly installments becomes small. A home loan is secured against the house that you are buying. If you fail to repay the loan, the lender will have the option to repossess the house. The amount of money that you will have repaid will be forfeited by the lender.
A second home can also be bought using a home loan. You can take out a second home loan against the second home or your primary residence. Buying a house on a home loan is a good investment opportunity. The appreciation in the value of your house is much more than the interest that you pay on a home loan.
For more information please visit:http://www.adverse-credit-home-loans.co.uk
About the Author
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting adverse-credit-home-loans as a finance specialist.
Deciding Whether to Invest in Rental Property by John Mussi
Finding the right place to invest your money can be difficult... there are so many investment opportunities that create a great return and generate a large profit, but there are even more that end up with very little if any return and minimal profits or possibly even losses. For the careful investor, real estate can generate a much larger return than some other investments, especially if the property purchased is used as a rental property.
Not everyone is cut out to be a landlord, however, and care must be taken to make sure that you're not getting into something that will only lead to problems down the road.
To help you to make the decision as to whether or not you should purchase rental property, here are some of the pros and cons of buying property for rental purposes.
Advantages of Owning Rental Property
Rental property can be a great way to make money, especially if the property is well taken care of and lies in a good location. If the property is low-maintenance, then the majority of the money that is paid in rent will likely be a profit for you the profit being determined after all property taxes and other costs are paid. As long as the rental property is occupied, you should continue bringing in money... and if the location of the rental property was well chosen and is in a popular area, then you shouldn't have very much trouble keeping the property occupied.
Depending upon where the property is located and the individuals that you rent the property to, you may also be eligible for government programs or tax deductions for opening your rental housing to low-income or special needs families.
Should your rental property begin to perform below your expectations in regards to rent, you also will still have the option to sell the property just as you would any other real estate though there may be some legal restrictions if the property is occupied at the time.
Disadvantages of Owning Rental Property Just as there are several advantages to owning rental property, there are also several disadvantages that you should be aware of. Since you are the owner of the property, you are responsible for all taxes and costs associated with owning the property... and these are due whether you've made a profit from the property or not. You are also responsible for maintaining the property in a livable condition, and some of the repairs that may arise in meeting this responsibility (such as repairs to electrical systems or cleaning up of health issues) can be quite costly.
Additionally, the income potential of rental property is based on the assumption that the tenants will pay their rent on time... some tenants are constantly late with their payments, or may decide to withhold payment altogether and force you to evict them.
Landlord/tenant conflicts can sometimes even become legal matters that can become bogged down in court and cost more than the issue that started the conflict in the first place.
Of course, not all tenants will be bad... nor will all of them be good. The advantages and disadvantages listed above are intended to show you the potential for both good and bad experiences that exist when investing in rental property. Consider both carefully so as to better make your decision and to help choose your investments wisely.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
Not everyone is cut out to be a landlord, however, and care must be taken to make sure that you're not getting into something that will only lead to problems down the road.
To help you to make the decision as to whether or not you should purchase rental property, here are some of the pros and cons of buying property for rental purposes.
Advantages of Owning Rental Property
Rental property can be a great way to make money, especially if the property is well taken care of and lies in a good location. If the property is low-maintenance, then the majority of the money that is paid in rent will likely be a profit for you the profit being determined after all property taxes and other costs are paid. As long as the rental property is occupied, you should continue bringing in money... and if the location of the rental property was well chosen and is in a popular area, then you shouldn't have very much trouble keeping the property occupied.
Depending upon where the property is located and the individuals that you rent the property to, you may also be eligible for government programs or tax deductions for opening your rental housing to low-income or special needs families.
Should your rental property begin to perform below your expectations in regards to rent, you also will still have the option to sell the property just as you would any other real estate though there may be some legal restrictions if the property is occupied at the time.
Disadvantages of Owning Rental Property Just as there are several advantages to owning rental property, there are also several disadvantages that you should be aware of. Since you are the owner of the property, you are responsible for all taxes and costs associated with owning the property... and these are due whether you've made a profit from the property or not. You are also responsible for maintaining the property in a livable condition, and some of the repairs that may arise in meeting this responsibility (such as repairs to electrical systems or cleaning up of health issues) can be quite costly.
Additionally, the income potential of rental property is based on the assumption that the tenants will pay their rent on time... some tenants are constantly late with their payments, or may decide to withhold payment altogether and force you to evict them.
Landlord/tenant conflicts can sometimes even become legal matters that can become bogged down in court and cost more than the issue that started the conflict in the first place.
Of course, not all tenants will be bad... nor will all of them be good. The advantages and disadvantages listed above are intended to show you the potential for both good and bad experiences that exist when investing in rental property. Consider both carefully so as to better make your decision and to help choose your investments wisely.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
Buying vs renting property - which is better? by itrealtor
Buying vs renting property - which is better? Looking for property in Singapore? Still deep in thoughts about whether buying or renting is the better option? Here are some points that you could consider in your decision-making process. Hopefully, it will help you will to select the option that is suitable to your needs.
Do you have sufficient initial capital?
When you make a property purchase, your initial capital outlay is 10% (out of which 5% can be from your CPF and the remaining 5% is to be in cash). For renting purposes, you would typically be looking at somewhere between 1 to 3 months rental value for the security deposit (depending on lease terms and the landlord's requirements).
Tax and depreciation shelter
Property buyers enjoy tax and depreciation shelter whereas tenants do not. If a loan was taken up for the purchase, the interest component (being an expense item) reduces the taxable income.
Looking at it from an investment point of view
It has been well documented that there is strong correlation between real estate growth and the country's economy. If the GDP is expected to rise significantly in the mid to long term, it would be quite likely that home prices follow suit and this will give home buyers potential on getting good returns for their investments whereas tenants do not enjoy any returns on the rental paid out.
Using real estate as a inflation-hedging tool
Real estate has often been used as a hedge against inflation - the effects are transferred onto the tenants through rental increments. Inflation will work against the tenants when the market rises, landlords will increase rents during lease renewals and this becomes additional cost to the tenants.
About the Author
www.itrealtor.com is a Singapore property portal for real estate agents and home owners to post property listings for sale or rent in Singapore.
Information available for use by all without copyright but kindly provide link back to http://www.itrealtor.com/toolstips.php
Do you have sufficient initial capital?
When you make a property purchase, your initial capital outlay is 10% (out of which 5% can be from your CPF and the remaining 5% is to be in cash). For renting purposes, you would typically be looking at somewhere between 1 to 3 months rental value for the security deposit (depending on lease terms and the landlord's requirements).
Tax and depreciation shelter
Property buyers enjoy tax and depreciation shelter whereas tenants do not. If a loan was taken up for the purchase, the interest component (being an expense item) reduces the taxable income.
Looking at it from an investment point of view
It has been well documented that there is strong correlation between real estate growth and the country's economy. If the GDP is expected to rise significantly in the mid to long term, it would be quite likely that home prices follow suit and this will give home buyers potential on getting good returns for their investments whereas tenants do not enjoy any returns on the rental paid out.
Using real estate as a inflation-hedging tool
Real estate has often been used as a hedge against inflation - the effects are transferred onto the tenants through rental increments. Inflation will work against the tenants when the market rises, landlords will increase rents during lease renewals and this becomes additional cost to the tenants.
About the Author
www.itrealtor.com is a Singapore property portal for real estate agents and home owners to post property listings for sale or rent in Singapore.
Information available for use by all without copyright but kindly provide link back to http://www.itrealtor.com/toolstips.php
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